| | |  Business News 
Money Sent Home to Mexico from Abroad Decreases
 E. Eduardo Castillo - Associated Press
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February 20, 2010
Mexico City - Money sent home by Mexicans abroad plunged a record 15.7 percent in 2009 as migrants worldwide struggled to find work during the global economic slowdown, the central bank reported this week.
Remittances Mexico's No. 2 source of foreign income after oil exports totaled $21.2 billion in 2009, compared with $25.1 billion in 2008, the bank said. Since the bank began tracking remittances in 1996, they have recorded just one other annual decline a 3.6 percent slide in 2008, as the world financial crisis exploded.
Central bank president Agustin Carstens attributed the drop to a weak economy in the United States and the increased difficulty Mexicans are having securing employment there. More than 11.8 million Mexicans live in the United States.
Carstens said a 1.3 percent uptick in remittances in December 2009, compared to the previous month, gives some hope for a recovery. "It could indicate the beginning of a relative stabilization in the drop in remittances," he said.
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